Accounts payable aging report sample

Falling financial and operating expenses contributed to the increase in Petrolimex’s pre-tax profits, which reached VND3.05 trillion ($131.31 million), or 58 percent of the company’s yearly target, it said in a recently released audited financial report. Revenue for the period reached VND91.7 trillion ($3.95 billion), down 5 percent year-on-year, largely due to average world crude oil prices (WTI) in the first 6 months having fallen 12 percent compared to the same period in 2018, to $54.9 per barrel, Petrolimex said. In the first half of 2019, gasoline sales rose one percent, and profits from this business segment accounted for 53 percent of pre-tax profits. Non-gasoline sales, including petrochemicals, asphalt, gas, water and ground transport, aviation jet fuel, construction, and insurance and banking, accounted for the remaining 47 percent of pre-tax profits. By the end of the second quarter, Petrolimex’s total assets were valued at VND58.47 trillion ($2.52 … [Read more...] about Petrolimex reports increase in profits

Twenty per cent of Vietnam’s population will be 60 years of age or older within the next 20 years, resulting in the country experiencing an “elderly population crisis”, the General Office for Population and Family Planning at the Ministry of Health reported recently. Elderly Vietnamese to account for a quarter of the population by 2049, according to General Office for Population and Family Planning. According to Mr. Nguyen Doan Tu, General Director of the General Office, Vietnam is facing a rapidly aging population. Now standing at 96.2 million, average annual population growth over the last decade has come in at 1.14 per cent. Some 1 million people are added to the population each year. Vietnam has now reached the peak of its “golden population” phase and is about to enter a period with a rapidly-aging population. “In 2011, when Vietnam first entered the aging stage, the number of people over 60 accounted for 9.9 per cent,” said … [Read more...] about Vietnam to soon grapple with aging population

Vo Tri Thanh The 14th National Assembly’s 7th meeting session ended last month with the last day reserved for discussing the draft amended Labour Code, which included a proposal to increase the retirement age that received a lot of public attention. In draft amendments, the Ministry of Labour, Invalids and Social Affairs (MoLISA) proposed raising the retirement age to 62 for men and 60 for women with two scenarios. In the first scenario, starting from January 1, 2021, the retirement age will be 60 and three months for men, and 55 and four months for women. An incremental three-month and four-month rise will be added to the retirement age for men and women, respectively, each successive year. In the second scenario, starting from January 1, 2021, the retirement age will be 60 and four months for men, and 55 and six months for women. A four-month and six-month increment will be added to the retirement age each successive year. The reasons for the increase, according to … [Read more...] about Retirement age increase inevitable, but more should be done

Vietnam is well on its way to adopting the International Financial Reporting Standards to promote transparency, but vast differences between these standards and the Vietnam Accounting Standards may pose a ­challenge to domestic businesses. Experts scrutinise inconsistent accounting standards, illustration photo One of the biggest changes, for example, is how the International Financial Reporting Standards (IFRS) and the Vietnam Accounting Standards (VAS) differ on calculating the value of assets and account payables. At last week’s tax and audit seminar organised by consulting firm RSM in Ho Chi Minh City, experts and businesses talked at length about this matter. Specifically, according to the IFRS 13, assets and account payables must be measured by their fair value, determined as the amount paid in a transaction if the asset is sold in the open market. Meanwhile, the VAS tells businesses to record the asset value in their historical cost, or the nominal or … [Read more...] about Experts scrutinise inconsistent accounting standards

Citi now offers its corporate clients the innovative commercial cards in Vietnam, including Business-to-Business (B2B) solutions and Virtual Card Accounts (VCA) for payables, as well as travel solutions such as corporate cards for travel and entertainment purposes. These solutions are testimony to commitment that Citi has made in providing greater efficiency, control and transparency to help corporate clients more effectively manage their payment and expense management processes in a seamless, streamlined and accountable manner. Commenting on the launch, Citi country officer for Vietnam Natasha Ansell said, “We are delighted to add on to our comprehensive and market-leading suite of institutional banking products for our global multinational and local corporate clients in Vietnam. This launch is a further demonstration of our commitment to the country and the development of its economy, local enterprises, banking and financial industry, and its people.” Jared … [Read more...] about Citi offers virtual card accounts